The real estate market is almost impossible to predict one month from the next, let along one year from the next. If you enter a contract with a tenant for RTO, you can lock in a selling price for the duration of your contract. This means that no matter what the real estate market does when it's time for the contract to end, you may end up getting more for your home than it's worth in the current market.
I was on a RTO contract before with an option to Buy, it’s expired now. I was not successful in owning the property for a reason I just want to keep to myself. I left the property last year and my complain and claim is on the hand of an attorney at present. My question is: if I drop my attorney, can i file my total rent credit as a loss instead ? Does the $8,000 Tax Credit applies to me was this a one time offered only or can it be extended depending on individuals case . I rented from 2009, 2010 and extended contract on 2011, 2012 and left 2013. I am trying to recover my hard earned money; if landlord do not give any compensation to me; any suggestion of other way I can do.
Maria, while there will be some expenses you can deduct from the income you receive (such as depreciation), you likely will end up paying taxes on some portion of the rent. One option is to sell her the house and finance it yourself. By selling the house, you take advantage of homeowner tax breaks. You’ll pay taxes on the interest portion of the payments, but not the principal. But before you make any decisions, talk to a tax professional. Best of luck.
Few homeowners/landlords realize the abundant number of advantages of the rent to own option. This type of renting is a win for FSBO home sellers with a great house, a home needing repairs, a home with not much equity, or homes in a "buyer's market". Making your home available as a "rent to own" will greatly increase the demand from potential tenants.
Home Partners of America is committed to making homeownership a reality for more people. The program provides a clear path to homeownership. Our process is easy, transparent, and built on a foundation of choice and flexibility. Home Partners is helping more people get into great homes, in neighborhoods they love, with the opportunity to build a more secure financial future.
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I know this is an old comment that I am responding to, but for the education of the public I am responding. A lease-options generally favors the seller, not the buyer, unless the buyer is 100% certain to buy. It is my dream as a seller to do lease-options all day without the buyer exercising the option – free money. Example: Home is 275K, market rent is 1400 per month. I ask for $5000 down (the non-refundable option money) and charge $1600 per month rent (with $200 going toward buyer option credit). If I would have just rented the house at the end of 2 years I would have made $33,600 in rent, but with a lease option I made $43,400 = that is a difference of nearly $10,000 AND I still have a property to rent or sale to the next person.


A lease-option contract is less rigid. In this arrangement, you can choose whether or not to purchase the home by the contract's end, and the landlord must honor it. This agreement gives you a choice to opt out of the purchase within the agreed-upon time frame, offering a bit more wiggle room if you're uncertain you want to own the place. But even in this case, you might forfeit your deposit and equity, so it's important to be sure that rent-to-own is the direction you really want to take.
How do you know what rental amount to pay and what should be extra to go towards purchase? (Asking price is $119,500- Zillow is $112,000. Who pay taxes, rent, HOA dues? Should there be an amount paid to keep purchased price firm? Would this go towards purchase? Should you pay the asking price or the Zillow amount? Do you need to use a real estate lawyer?This is an excellent website. Very helpful?

I am currently going to go into a rent to own agreement with the owner of the house that I have been renting for 2 yrs. She needed money for an operation of her sick father. She contacted me and told me that if I was interested in purchasing the home from her. I said that I was interested and she explained her situation of having to come up with her part for her dads surgery. She stated would leave mortgage under her name just wanted 3500.00 as down payment. She has since done that but mortgage company wanted her to purchase own insurance. She did purchase own insurance and all that good stuff. I am going to assume the payments on house, insurance, and taxes. I am wondering if I need to be included on the insurance for the house or should it just be her. She very honest and I don’t feel I would have any problem with her if anything happened to house. We are going to do this legally and sign papers to state that after the loan of the house is paid the house will pass into my name unless I can finance it under my name before hand. I read that rent to own or lease with option to buy might still qualify for the 8000.00 tax credit. Would I qualify if I assume all responsibility even though she has a mortgage on home?

“As home prices rise and more and more cities are priced out of conforming loan limits and pushed into jumbo loans, the problem shifts from consumers to the home finance industry,” says Scholtz. With strict automatic underwriting guidelines and 20% to 40% down-payment requirements, even financially capable people can have trouble obtaining financing in these markets.
Nice article and very informative. I wish I had read it a few years ago. I’m in a 3 year lease to own contract and the option to buy expires in a few months. The locked selling price is $250,000 after paying a down payment of $30,000 (the original price was negotiated at $280,000, so less the down payment up front). My monthly payments are $2400 and we are using a 30 year mortgage amortization chart with an 8% APR to determine what % of the monthly payment actually pays down the cost. Since the fallout of the housing market, the house will never sell for the price we agreed to in 2007. From research, it seems that similar homes in the area have been reduced by as much as $100,000.

Pre Holdings, LLC, Pre Property Solutions and affiliated or subsidiary companies are not real estate brokers or agents. Pre Property Solutions is a real estate investment company. All properties are either owned by Pre or the company has a purchase contract and/or option with the owner of the property, which Pre may assign to third parties. Pre Property Solutions is not a real estate brokerage and does not provide realtor services to the public, or to any of the parties to which it has contractual relationships.


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This article will run you through the basics of determining whether or not you are qualified for a future loan before you enter into a rent to own contract. Since the goal of a rent to own contract is to give yourself some time to get your expenses in order before purchasing a home, you should have a plan on how you are going to save that money to purchase the home.
Hi! I was wondering if you could talk a little bit more about the tax consequences for the sellers in a lease-buy option. We rented out our home with an option to buy, and $200 of the monthly rent will be applied to the purchase price. Do we still count those $200 as part of income for this year, or is that applied as income only in they year that they do not exercise the option? Thanks!
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Price. Your price is what the seller and the tenant have agreed on to buy and sell the property for. This purchase price is usually above the home's current market value. You can choose to have a set rate, or you can choose to decide a purchase price based on market values once your payment term is up. As the real estate market isn't guaranteed, many sellers opt for a fixed rate price.
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Credit. Your credit plays a large role when you apply for a mortgage. If you have poor credit, or if you have a thin credit history, renting or RTO may be a better option because they will both give you a chance to build your credit. This will give you time to get out of any debt you may have and establish a good repayment history. If you have excellent credit and you can afford a down payment, outright purchasing a home would most likely be a better option.

Home ownership is a great thing, but if you are not ready for the responsibilities that come with home ownership, then you might want to try rent to own homes. We offer a huge Rent to own home free listings. Rent to own homes allows people to get a feel for home ownership before they get that big loan and lock themselves in for thirty years. This can immediately tell you whether owning a home is the right thing for you.
Depending on the terms of the contract, you may be responsible for maintaining the property and paying for repairs. Usually, this is the landlord's responsibility, so read the fine print of your contract carefully. Because sellers are ultimately responsible for any homeowner association fees, taxes and insurance (it’s still their house, after all), they typically choose to cover these costs. Either way, you’ll need a renter’s insurance policy to cover losses to personal property and provide liability coverage if someone is injured while in the home or if you accidentally injure someone.

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If you are not sure how long it will take you to qualify for a loan, talk to a mortgage broker before entering the deal. They should be able to give you some idea of how long it will take to get your finances in order to qualify for a home mortgage. Generally, terms of two to three years are common for rent-to-own single family homes… at least they are where we invest.
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I am in a situation where I was in a lease with option to buy home and the SELLER needed back into the home due to financial/legal difficulties. We were given a date they needed to be in by and told if we wanted to buy the house now we could if not then they needed back into the home. We were not in a position to buy the home at that time and had 2 more years left on the contract but agreed to move out (due to the selling price of the house compared to homes being sold around it was significantly higher) . In this situation what happens to the option money that we put down? Should it be refunded since they broke the contract?
The house is valued about $173,841 by Zillow and $178,836 by eppraisal.com and $202,449 – $237,658* by homegain (which I think is more accurate if it wasn’t for the current market). The home sold in Dec 2012 for $168k to this investment company. The current rental rate at $1650/mo even for this house I think is high given what surrounding homes have advertised for rent.
Rent to own housing is a popular choice for home buyers who may not qualify for a traditional mortgage, or lack the funds needed for a large down payment the lenders require. Rent to own properties help to overcome these situations for those who are ready to commit to a purchase. Buying a rent to own home can provide an easier approach to purchasing a home because it starts with a familiar lease agreement. Buyers of rent to own homes will rent, or lease, the home for a designated period of time. The great benefit for renter-buyers is that over time, a portion of the monthly rent payments are applied toward the ultimate purchase of the home. Plus, the final purchase price is determined up front in a lease option agreement, so there is no risk that the purchase price will rise later.
Before the two parties sign the contract, they must agree first on the kind of deal that they are involving in order for them to deal with the things at that right track. This should be realize since it is a fact that both could have the advantages as well as the disadvantages as soon as they get involve in this kind of business. One good thing about the seller is that, they might have bought a new house already but still it possible for them not to pay the mortgage of their two units simultaneously. Thus this would give them the chance to spend less. It could also be beneficial to the renters since they could stay in the kind of house that meet their standard at once and at a reasonable price.

3. Maintenance: Having the tenant pay for maintenance is a great plan (so long as you have confidence they’ll keep the place up). I’ve never views something like a refrigerator as maintenance, but it could be if you write the contract that way. I roof is a closer call, although you’d eat up the $500 fast. One way to look at it is that capital improvements are not maintenance. But again, the key is to be clear in your agreement.
It may seem odd to talk about financing, since you won’t need a mortgage unless and until you decide to buy. But my recommendation is that you talk to a mortgage broker BEFORE entering into a lease option. A good mortgage broker will give you an honest assessment of your chances of being approved for a loan during the term of the option. While a broker can’t offer you any guarantees, they can arm you with important information that will help you make the best decisions for you and your family.
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